WTI holds steady below $61.50 as traders brace for OPEC+ next move

• WTI price steadies near $61.25 in Tuesday's early Asian session.
• OPEC+ moves the July output meeting by one day to May 31.
• Trump's EU trade talk extension underpins the WTI price. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.25 during the Asian trading hours on Tuesday. The WTI price holds steady as traders awaits clarity on OPEC+ next move on May 31. 

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will decide July oil production levels for eight key members by one day, to May 31, earlier than previously planned. The sources previously told Reuters that will entail another 411,000 barrels per day of production for a third consecutive month. Russian Prime Minister Alexander Novak said that OPEC+ has not yet discussed increasing output by another 411,000 barrels per day ahead of its meeting. 

Meanwhile, US President Donald Trump expressed hope for progress in nuclear talks with Iran after a meeting in Rome last week. Iranian Foreign Minister Abbas Araghchi said on Friday that the negotiations are too complicated to be resolved in two or three meetings and there was potential for progress in nuclear negotiations after Oman made several proposals. However, Trump said American negotiators made "real progress" during "very good" nuclear talks with Iran over the weekend. This, in turn, might cap the upside for the WTI price in the near term. 

On the other hand, Trump announced an extension on the 50% tariff deadline on the European Union (EU) until July 9 after a phone call with Commission President Ursula von der Leyen. These positive developments provide some support to the black gold.